Victory!!! Obama signs new Credit card laws into law!!!

This is a discussion on Victory!!! Obama signs new Credit card laws into law!!! within the The Second Amendment & Gun Legislation Discussion forums, part of the Related Topics category; This is AP released news over on MSNBC (Marxist, Socialist, Nefariously Bolsivist, Communism) website: Obama signs new rules for credit cards into law - Personal ...

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Thread: Victory!!! Obama signs new Credit card laws into law!!!

  1. #1
    Distinguished Member Array tangoseal's Avatar
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    Victory!!! Obama signs new Credit card laws into law!!!

    This is AP released news over on MSNBC (Marxist, Socialist, Nefariously Bolsivist, Communism) website:

    Obama signs new rules for credit cards into law - Personal finance- msnbc.com

    Here is the most important part about this victory....

    Cut and pasted from down the pages of this news release:

    "One part of the bill Obama did not publicly celebrate at the signing, a gun amendment. The measure by Sen. Tom Coburn, R-Okla., allows people to bring loaded guns into national parks and wildlife refuges.

    The addition of the amendment to the bill — and Obama’s acceptance of it — was viewed as a bitter disappointment for gun-control advocates.

    They watched gun-rights supporters gain a victory from a Democratic-controlled Congress and a Democratic president that they couldn’t achieve under a Republican Congress and president. Many blamed the National Rifle Association, which pushed hard for the gun law.

    Democrats lawmakers and aides said they didn’t have enough time to send the bill to the House-Senate conference committee — where the gun provision could have been removed without a vote — and still get the bill to Obama by the Memorial Day weekend as he requested."


    Its a done deal signed into law!
    "I believe that the right of the citizen to keep and bear arms must not be infringed if liberty in America is to survive." - Ronald Reagan

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  3. #2
    Distinguished Member Array tangoseal's Avatar
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    Oh I forgot to mention.... I truly believe that God still lends his hand of protection over "His" country!
    "I believe that the right of the citizen to keep and bear arms must not be infringed if liberty in America is to survive." - Ronald Reagan

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    VIP Member Array ExactlyMyPoint's Avatar
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    It is a double edged sword. Now the credit card companies can charge you interest from the moment you purchase something. Me thinks this is going to decrease the use of credit cards in the future.
    Preparing for the Zombie Apocalypse or Rapture....whichever comes first.

  5. #4
    Distinguished Member Array tangoseal's Avatar
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    Not to steer off topic of the victory in salvation of our rights of 2a but I hope this bill does what is designed to do ...

    Credit no matter how hard you debate it has led our nation to its current economic turmoil. In respect to ones beliefs and our blessed 1st amendment rights I will remind all of my fellow countrymen reading this board:

    Proverbs 22:7
    The rich rules over the poor, and the borrower becomes the lender’s slave.

    People in our country have indebted themselves so deeply that when they could no longer pay the slave owner took their homes right from under their feet. Foreclosures on the court house steps!

    Deuteronomy 15:6
    For the Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you.

    We are doing the opposite and I see no possible way we can pay our selves out if this mess and still remain free.

    My point is ... do not defend credit for credit will not defend you. Do not take credit from a lender and the lender cannot take your home. Do not borrow money and living pay check to paycheck will not be your destiny.

    And finally to once again defend my point of view that credit is very bad, dont argue with me, argue with the master of financial freedom.

    Sold on Debt

    We consumers have become a nation of servants to financial institutions. We used to joke that a bank was where you could borrow money if you could prove you didn’t need it. Now, with the advent of aggressive credit marketing strategies, we can borrow even when we shouldn’t be allowed to. We are sold credit in so many ways by so many people that we end up buying a lot of it, meaning we borrow money. We borrow money, not just because it is made easy for us, but because we are sold on the convenience, perceived prosperity, and fun that all that “stuff” and associated debt are supposed to bring us.

    — Dave Ramsey, Financial Peace
    "I believe that the right of the citizen to keep and bear arms must not be infringed if liberty in America is to survive." - Ronald Reagan

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    Senior Member Array PointnClick's Avatar
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    Your point is well taken, but buying a house without a mortgage is problematic at best. The answer is to take on the right mortgage, with a fixed rate, and a payment that you know you can maintain, even in tough times. Buying a home is the best investment you can make, even in these tumultuous times...

    And judicious use of a credit card, paying it off consistently over the course of a few years, can really push your credit score up nicely. I used to have terrible credit, but these days, my credit rating would give ya a nosebleed...
    "Who is to say that I am not an instrument of karma? Indeed, who is to say that I am not the very hand of God himself, dispatched by the Almighty to smite the Philistines and hypocrites, to lay low the dishonest and corrupt, and to bust the jawbone of some jackass that so desperately deserves it?"

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    Distinguished Member Array tangoseal's Avatar
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    True. Got to make smart choices. I guess the argument is more along the lines of ... if you choose to drink too much beer you are going to have a hangover and pay the price for it later.

    Too much or not so smart credit decisions and you are going to also pay the price for it later.

    Now us gun owners need to make smart choices so we still have money to spend to keep purchasing ammo when they keep raising the price. Show them they cant take our ammo if even they try ? Just throwing that out there :-)
    "I believe that the right of the citizen to keep and bear arms must not be infringed if liberty in America is to survive." - Ronald Reagan

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    VIP Member Array Paco's Avatar
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    Quote Originally Posted by ExactlyMyPoint View Post
    It is a double edged sword. Now the credit card companies can charge you interest from the moment you purchase something. Me thinks this is going to decrease the use of credit cards in the future.
    That is a good thing, IMO. My Wife and I have been working real hard to become debt free and have been living off cash only (debit card included) for a little while now and it sure feels good.
    "Don't hit a man if you can possibly avoid it; but if you do hit him, put him to sleep." - Theodore Roosevelt

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    I don't like the thought of paying interest from the moment of purchase, but I can understand it as a reasonable thing for the card companies to do.

    The problem with using debit cards is that there are some consumer protections given to credit card users not given to debit card users. Specifically, the 50 dollar limit on your responsibility for fraudulent charges on the card.

    If Congress would mandate the same fraud protection on debit cards as they do for credit cards, I would see no issue with interest charges from moment of purchase---however, we really really really need a national interest rate limit, and that the banks somehow keep enough Critters on a leash to prevent. We also need to remove the ability of card companies to impose pre-dispute arbitration clauses.

    I thought that was in the initial House bill, but as always those paid off with donations water down bills that would help ordinary people.

    Finally, the clauses in the contracts which prevent class action suits need to be prohibited by legislation. These make it profitable for a company to repeatedly do the same wrong thing to many people with little fear of real consequences.

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    Cash is king! I live by a simple rule, If I can't pay cash, I cant afford it. The only exceptions are a car (both are at 0%, so what the heck) and my home.

    For extras or toys, if I cant buy it twice, I cant afford it!
    "Just blame Sixto"

  11. #10
    Restricted Member Array SelfDefense's Avatar
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    Quote Originally Posted by Hopyard View Post
    I don't like the thought of paying interest from the moment of purchase, but I can understand it as a reasonable thing for the card companies to do.
    It doesn't matter if you think it is reasonable. The credit card companies should be able to do anything without government interference. I think it is reasonable for the banks to raise rates of the deadbeats that do not fulfill their obligations. I think it is reasonable to expect that contracts are readand understood, no matter how small the 'fine print' is. Ever heard of a magnifying glass? The fine print becomes very large.

    The problem with using debit cards is that there are some consumer protections given to credit card users not given to debit card users. Specifically, the 50 dollar limit on your responsibility for fraudulent charges on the card.
    A debit card is completely different. If someone fradulently writes a check on my account there is no fifty dollar limit on my responsibility. Society should not have to subsidize every ill event that can be caused my criminal mischief.

    If Congress would mandate the same fraud protection on debit cards as they do for credit cards, I would see no issue with interest charges from moment of purchase---however, we really really really need a national interest rate limit, and that the banks somehow keep enough Critters on a leash to prevent. We also need to remove the ability of card companies to impose pre-dispute arbitration clauses.
    Nonsense. We should not have any limits on interest that can be charged. If someone want to take out a loan and pay exorbitant interest, then let them. The free market dictates the cost of money, not some politicians that have NO LEGITIMATE INTEREST in controlling the marketplace.

    I find it troubling that some want the government to control every aspect of our lives. If you don't like the terms of the credit card don't buy one! No one is forcing others to borrow money. There is no right to credit cards in the Constitution.

    I thought that was in the initial House bill, but as always those paid off with donations water down bills that would help ordinary people.
    No, this bill does not help ordinary people. It helps deadbeats and irresponsible borrowers. It hurts ordinary people as we [again] must subsidize those that live beyond their means in another form of wealth redistribution. This is socialism by any definition.

    Finally, the clauses in the contracts which prevent class action suits need to be prohibited by legislation. These make it profitable for a company to repeatedly do the same wrong thing to many people with little fear of real consequences.
    Class action suits should be prohibited. The courts are full of frivolous lawsuits, which cost time and money. As we see here, the liberals and libertarians want to sue for any reason in hopes of forcing normal people to pay so they can live a life of luxury without working. Not too different than those who a welfare dependents. It is no wonder many people despise these ambulance chasing lawyers.

    Do you have mesothelioma? Call Dewey, Cheatum, and Howe.

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    VIP Member Array Patti's Avatar
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    The moral of the story:

    Get your credit cards paid off as quick as you can.

    Dave Ramsey has some excellent advice....CASH IS KING.

    I agree with Sixto: if you can't pay with cash.....then you can't afford it.

    The only exception would be a car loan and a house mortgage. And I'm not so certain car loans are necessary.
    Socialism is the philosophy of failure, the creed of ignorance and the gospel of envy. — Winston Churchill

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    Pay with cash???

    Quote Originally Posted by Patti View Post
    The moral of the story:

    Get your credit cards paid off as quick as you can.

    Dave Ramsey has some excellent advice....CASH IS KING.

    I agree with Sixto: if you can't pay with cash.....then you can't afford it.

    The only exception would be a car loan and a house mortgage. And I'm not so certain car loans are necessary.
    WHile this is absolutely sound economic and personal finance advice, our modern world makes doing so pretty dang difficult. Ever try to buy a plane ticket on line with cash? Of course it can't be done.

    Pre-pay a hotel bill (to get a discount) on-line with cash? Can't be done.

    Order a holster with cash On line?

    To make things worse, the protections given to credit card users are not extended to debit card users. You really do risk losing it all if you use a debit card for an online transaction or your debit card is cloned.

    Maybe that will change as the new credit card law causes more folks to want to stay away from using credit cards, but right now a great deal of commerce is totally dependent on the convenience aspect of credit cards. Take the convenience away or make the convenience too expensive, and general commerce will suffer.

    I took friends to a slightly upscale eatery last night. If I needed cash, I would have had to go withdraw it from an ATM. The charge card made the transaction easy. Yet, if I knew I was going to pay interest on that charge from the moment it was made (especially if it were high interest), I might have chosen some other way to pay---or maybe not gone out at all. The latter choice would hurt the restaurant.

    I think the card companies are going to find that trying to charge interest without a grace period or trying to charge a pre-pay fee as with Amex Green, won't work. Customers who have their finances in shape will work around these new charges, probably with some help from new innovative products issued by other financial entities or merchants themselves. If nothing else, maybe the old fashioned check and money order will have a resurgence. Still, these are no substitute for the ability to make telephone or on-line purchases.

  14. #13
    Distinguished Member Array morintp's Avatar
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    Hopyard, that's not entirely true. I got rid of my credit cards a few years ago, but I am able to shop online with no problems using my debit cards. If I don't have enough in one of my accounts, I can't afford it. If I really want or need it, I save for as long as it takes and then buy it.
    64,999,987 firearms owners killed no one yesterday.

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    I paid off the card every month. If they start charging interest from the moment I put it on the card I will go back to paying the cash option and use the debit card. I think people will be buying alot less. Good or bad to make the world move ?.

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    VIP Member Array sgtD's Avatar
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    Good or bad I can't say, but becuase we live in a world of fractional reserve fiat currencies, the only way to create money, ie grow the money supply and economy, is through debt. Money in this system is debt; debt is more money in the system. Fake money, yes, but then again, it's all fake money when you get down to it.

    I don't personally think it's a great system, but we are better off today than we were in the middle ages I guess. Anyway, as the curret system is set up, if debt decreases, so does the money supply, which in theory could lead to deflationary effects. Of course that can be either good or bad dpnding on the timing and circumstances. 70% of our economy over the past years has been consumer spending, so if people change their habits it will effect the entire economy I think.

    So we will have to wait and see what effect, if any, this has on the larger economy.

    The good news is that we can carry in the parks, finally.
    When you've got 'em by the balls, their hearts & minds will follow. Semper Fi.

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